Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 7.03%.
“The 30-year fixed-rate mortgage averaged near 7% this week, down from nearly 7.80% just six weeks ago,” said Sam Khater, Freddie Mac’s Chief Economist. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
The 30-year FRM averaged 7.03% as of December 7, 2023, down from last week when it averaged 7.22%. A year ago at this time, the 30-year FRM averaged 6.33%.
The 15-year FRM averaged 6.29%, down from last week when it averaged 6.56%. A year ago at this time, the 15-year FRM averaged 5.67%.